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Jenoptik AG and Kapsch TrafficCom AG are Leading Players in Road Safety Market
The road safety market is gaining traction owing to increase in urbanization, increase in road accidents/fatality rate, growing government regulations for road safety, and increase in mobility and the associated demands on transportation systems.
MarketsandMarkets forecasts the road safety market size to grow from USD 2.60 Billion in 2016 to USD 4.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.3% from 2016 to 2021. The road safety market vendors are increasingly introducing impressive offerings leading to better technical competence.
There are several established players in this market such as Jenoptik AG (Jena, Germany), Kapsch TrafficCom AG. (Vienna, Austria), Sensys Gatso Group AB. (Jönköping, Sweden), Redflex Holdings Limited (Victoria, Australia), 3M (Minnesota, U.S.), FLIR Systems, Inc. (Wilsonville, Oregon), Motorola Solutions (Illinois, U.S.), Swarco AG (Wattens, Austria), American Traffic Solutions (Arizona, U.S.), and Information Engineering Group Inc. (Qubec, Canada). These leading players have adopted various strategies such as partnerships, collaborations, agreements, and mergers & acquisitions to achieve growth in the global road safety market.
Jenoptik AG is one of the leading players in the road safety market. The company adopted both organic as well as inorganic strategies to enhance its presence in this market. It announced new acquisitions to expand its product portfolio and business reach. In July 2016, Jenoptik AG collaborated with Konèar Electric Vehicles Inc. in the segment of modernization and overhauling of existing vehicles and the manufacture of new vehicles. Also, In November 2014, Jenoptik AG acquired 92% stake in the U.K.-based Vysionics Ltd., a provider of road traffic safety technology. The company partnered with NCS Communication Engineering Pte. Ltd. to enhance traffic safety in Singapore. It also invested USD 15 million in its U.S. location in Rochester Hills, Michigan to create a new modern technology campus for metrology and laser machines.
Kapsch TrafficCom AG is another major provider in the road safety market. The company has adopted acquisition and business expansion among its growth strategies to increase its share in the road safety market. In October 2015, Kapsch AG acquired evolaris to enhance its competencies in mobile communication and other products, which will be helpful for its road safety systems. Kapsch AG established its new branch office in London, through which the company is expected to acquire new projects for rail, road, and public transport.
Road Safety Market by Solution (Red Light Enforcement, Speed Enforcement, Incident Detection System, Bus Lane Compliance, and Automatic License Plate Recognition), Service (Consulting & System Integration and Risk Assessment) - Global Forecast to 2021
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